Austin’s ultra luxury market has burst onto the scene in recent years, nipping at the heels of the Dallas-Fort Worth region, which has the top luxury market in Texas.
Five homes listed at $10 million or more sold in Austin last year, totalling almost $56 million, and 11 sold in DFW for a combined $146 million, according to a report from Compass.
Super high-end homes sales in DFW are nothing new, but it’s become a revelation in Austin, where residential sales of $10 million or higher were nearly unheard of several years ago. In 2019 and 2020, no such sales were on record. In 2022, the market exploded, however, resulting in four transactions above the $10 million threshold.
“While a $6 million sale was noteworthy in 2019, price ceilings continued to be shattered in 2021,” Compass agent Monica Fabbio said in the report. “The public was awed with the announcement of the highest sale known to date, a Lake Austin estate listed at $38.9 million.”
A handful of buyers are coming from California and New York, who are seeking waterfront or scenic properties with plenty of land and privacy, Fabbio said. Compass’ largest recorded residential sale in the Austin market last year was just under $12 million.
DFW reigned supreme as the most affluent market in Texas. The number of $10 million-plus sales jumped from six in 2021 to 11 last year, also up from 10 in 2020. The highest Compass-listed property was listed at $20 million, and the highest buyer represented transaction came in at almost $15 million.
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“More than 56 percent of our production was in private sales, including seven properties sold at over $10 million,” the report said. “Despite the weakening global economy, we expect the Dallas luxury market to remain strong in 2023.”
Meanwhile, Houston had just one transaction that crossed this threshold with one sale over $13 million last year. But current listings show that trend could be changing.
“There are now 11 active listings on the MLS over $10 million and a larger number of off-market options over that threshold,” in Houston, Compass agent Mike Mahlstedt said.